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- Why in News?
- The Employment Linked Incentive (ELI) Scheme was introduced in the Union Budget 2024–25 as one of five key initiatives under the Prime Minister’s employment and skilling package.
- Key Provisions:-
- Designed to stimulate job creation and strengthen workforce development, the scheme is implemented by the Ministry of Labour & Employment.
- With a substantial allocation of ₹99,446 crore for the period 2025–2027, the ELI Scheme aims to generate 3.5 crore jobs, including 1.92 crore positions for first-time workers.
- Its primary focus is on improving employability, promoting formal employment, and expanding access to social security benefits, especially within the manufacturing sector.
- The scheme serves as a strategic intervention to bridge employment gaps while fostering economic growth and inclusion.
- By incentivizing employers to create new job opportunities, the initiative not only addresses unemployment but also supports long-term skill development across key industries, laying the foundation for a more resilient and inclusive workforce in India.
- Why in News?
- A mud volcano recently erupted in Taiwan, drawing attention to these unusual geological features.
- Key Provisions:-
- Unlike traditional igneous volcanoes, mud volcanoes do not emit lava or ash. Instead, they release a slurry of mud, gases (mainly methane), and water. These formations typically appear as dome- or mound-shaped structures and can occur naturally or be triggered by human activities such as gas drilling or mining.
- Mud volcanoes are commonly found in subduction zones—regions where one tectonic plate slides beneath another at convergent boundaries. The intense pressure and heat in these zones force mud and gas to the surface. They may also form in river deltas, where sediment compression generates enough force to push material upward.
- Though less violent than lava volcanoes, mud volcanoes offer valuable insight into subsurface geological processes and gas release mechanisms. Taiwan's recent eruption serves as a reminder of the Earth's dynamic and sometimes unpredictable nature.
- Why in News?
- Public sector banks have significantly increased their issuance of Certificates of Deposit (CDs), rising from just 6% in 2022 to 69% in 2024. This surge reflects a growing reliance on short-term instruments to manage liquidity and meet funding requirements.
- Key Provisions:-
- A Certificate of Deposit is a negotiable money market instrument issued in dematerialised form by banks or select financial institutions against time-bound deposits. CDs are typically issued at a discount to their face value and are repayable at maturity. Scheduled commercial banks (excluding Regional Rural Banks and Local Area Banks) and certain All-India Financial Institutions authorized by the Reserve Bank of India (RBI) can issue CDs.
- These instruments are offered to a wide range of investors, including individuals, corporates, trusts, mutual funds, and non-resident Indians (on a non-repatriable basis). The issuance and regulatory framework governing CDs is overseen by the RBI, ensuring financial discipline and transparency in short-term fundraising activities.